Suit on bond
Sec. 9. (Suit on Bond)
(a) The court may, on breach of the obligation of the bond of the
trustee, after notice to the obligors on the bond and to such other
persons as the court directs, determine the damages, and by
appropriate proceeding enforce the collection thereof from those
liable on the bond. Such determination and enforcement may be
made by the court upon its own motion or upon application of a
successor trustee, or of any other interested person. Damages may be
assessed on behalf of all interested persons and may be paid over to
the successor or other non-defaulting trustee or any other person the
court may direct.
(b) The bond of the trustee shall not be void upon the first
recovery, but may be proceeded upon from time to time until the
whole penalty is exhausted.
(c) If the court has already determined the liability of the trustee,
the sureties shall not be permitted thereafter to deny such liability in
any action or hearing to determine their liability; but the surety may
intervene in any hearing to determine the liability of the trustee.
(Formerly: Acts 1971, P.L.416, SEC.7.)
Last modified: May 27, 2006